THINK Surgical Inc. today announced that KDB Investment Global Healthcare has invested $100 million (U.S.) in the company to accelerate the commercial launch of several robot-assisted surgical products. THINK Surgical said the funding will allow it to offer a common planning system across multiple robotic platforms, along with a range of implants from different manufacturers.
“We are extremely excited to strengthen our financial position to support successful new product commercialization through this financing round,” stated Stuart Simpson, president and CEO of THINK Surgical. “KDB Investment is a highly sophisticated and respected professional investment firm, and their investment will help us expand our brand and presence in the industry.”
THINK Surgical uses open library
Fremont, Calif.-based THINK Surgical is a privately held technology firm that develops and markets robots for orthopedic surgery. The company said it is dedicated to improving the lives of patients suffering from severe osteoarthritis through total joint replacement with innovative, precision technology.
THINK Surgical said it develops robots using an open implant library so that customers are not limited to a single manufacturer's implants. Surgeons can gain the benefits of robot-assisted surgery and choose the implant that is best for each patient, it claimed.
The company's products include the TPLAN 3D planning workstation, the TCAT computer-assisted tool, and the TSolution One total knee replacement system. The TSolution One core technology has been used in thousands of successful total joint replacements worldwide. The U.S. Food and Drug Administration cleared the TSolution One Total Knee Application in October 2019, and it is commercially available in the U.S. and other countries.
THINK Surgical said the new investment will enable it to differentiate its business model and become a leader in the orthopedic surgical robot space.
The orthopedic surgical robot market could expand from $6.4 billion in 2021 to $24.22 billion by 2029, experiencing a compound annual growth rate (CAGR) of 18.1%, according to Data Bridge Market Research. The analysis firm credited increasing demand from an aging population.
Korean investors expect product launches
“We are very impressed with the technology portfolio that THINK Surgical has developed and is planning to commercialize,” said DH Lee, CEO of KDB Investment. “We very much look forward to several planned product launches over the coming years.”
“THINK is well-positioned to successfully launch their robotic technology with a differentiated business model that provides their customers with better value propositions, and KDB Investment has great confidence in the leadership of THINK, primarily in CEO Stuart Simpson, given Stuart's deep experience in the orthopedic surgical robot business,” Lee added.
KDB Investment is a private equity firm that is wholly owned by Korea Development Bank. It focuses on promoting and advancing the interests of companies by providing financial and operational supports.
Customers in the global market looking for more flexibility and choice over current offerings will embrace THINK Surgical's differentiated business model, said KDB Investment. Another shareholder in THINK Surgical is Seoul, South Korea-based CUREXO Corp., which is developing a spinal surgery robot.
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